Are support and resistance levels predetermined? | Page 54 | Forex Factory

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Are support and resistance levels predetermined?

  • #1,061
  • Jan 28, 2014 10:04am Jan 28, 2014 10:04am
Quoting hollowhead
{quote} I'm afraid Bobi can leave us any way he wants . I think we could all say which baselines we would like, but it is unreasonable to expect him to calculate baselines for whatever we ask (and no-one should expect access to his company's proprietry data/calculations). He has said he will try and work on a calculator for us for setting SLs etc. I am not sure what that will include, but I don't expect it will include a baseline calculator for all instruments. From what I understand from the other thread he provided a calculator for EU which...
Just my opinion --- Bobi is actually doing us a favor by limiting us to just a few currency pairs. We can concentrate more on these 3 pairs and become very familiar with their movements which will help us in our entry and exit points. I know some traders who only trade one currency pair and are very successful. I don't even worry about the other 14 pairs I used to trade -- Much more relaxing and my account is just as good. Just some thoughts for your consumption. Tom
  • #1,062
  • Jan 28, 2014 10:10am Jan 28, 2014 10:10am
Quoting tomthepoppop
{quote} Just my opinion --- Bobi is actually doing us a favor by limiting us to just a few currency pairs. We can concentrate more on these 3 pairs and become very familiar with their movements which will help us in our entry and exit points. I know some traders who only trade one currency pair and are very successful. I don't even worry about the other 14 pairs I used to trade -- Much more relaxing and my account is just as good. Just some thoughts for your consumption. Tom

I agree 100%
  • #1,063
  • Jan 28, 2014 10:15am Jan 28, 2014 10:15am
Quoting tomthepoppop
{quote} Just my opinion --- Bobi is actually doing us a favor by limiting us to just a few currency pairs. We can concentrate more on these 3 pairs and become very familiar with their movements which will help us in our entry and exit points. I know some traders who only trade one currency pair and are very successful. I don't even worry about the other 14 pairs I used to trade -- Much more relaxing and my account is just as good. Just some thoughts for your consumption. Tom

the fact that bobi is helping us at all should be appreciated... we maybe never would have thought about markets from this kind of perspective...

He did also once say you only need to know one pair to be successful - with all the pairs he has given i am only following one and barely keeping up at times - time doesn't allow me to look. appreciate you guys posting tables and charts for us.. thanks
  • #1,064
  • Jan 28, 2014 10:17am Jan 28, 2014 10:17am
Fellow Traders


Can someone post the GU charts from these templates (T5_103F, T5_594). I am still new to this thread and learning how to setup, until then need some help.


Thank you.
  • #1,065
  • Jan 28, 2014 10:27am Jan 28, 2014 10:27am
Quoting tomthepoppop
{quote} JMSS - Thanks for the headsup. I had been busy doing other stuff and saw your input on G/U and A/U ---I entered long on both and got 52 pips on A/U and would have had 50 on G/U but did not enter a TP but I am up right now 20 pips. See how your input is so valuable? It really helps - thanks. Tom
I'm glad your successes.
  • #1,066
  • Jan 28, 2014 10:29am Jan 28, 2014 10:29am
Quoting spuspala
Fellow Traders Can someone post the GU charts from these templates (T5_103F, T5_594). I am still new to this thread and learning how to setup, until then need some help. Thank you.
Hi

If you look at the first chart in jmss59's post (below), you will see the GU T5_103 chart.

Quoting jmss59
gbp-usd and aud-usd , have given buy signals {image} {image}
There are no baselines for T5_594 so no-one can post a chart.
  • #1,067
  • Jan 28, 2014 10:41am Jan 28, 2014 10:41am
Quoting hollowhead
{quote} Hi If you look at the first chart in jmss59's post (below), you will see the GU T5_103 chart. {quote} There are no baselines for T5_594 so no-one can post a chart.
Hollowhead, Thank you for reverting back.

I did follow the same chart wasn't sure, noticed around 20 minutes back, a sell trigger for GU on T5_103 chart with target at 1.65503 (26.3%). Correct me I am wrong.

Thank you.
  • #1,068
  • Edited 10:53am Jan 28, 2014 10:47am | Edited 10:53am
Quoting spuspala
{quote} Hollowhead, Thank you for reverting back. I did follow the same chart wasn't sure, noticed around 20 minutes back, a sell trigger for GU on T5_103 chart with target at 1.65503 (26.3%). Correct me I am wrong. Thank you.

No problem. What you see is not a valid trade I'm afraid. Price needs to have come from at least the 38.2% area in the upper phase (that's about 1.6666). Price should travel down, cross the 100% (1.6629) and then go 7 pips below the 61.8%.

If you look back at 24 January - you will see that is what it did.

EDIT: Here's a chart

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-m30-example.png Size: 46 KB
  • #1,069
  • Jan 28, 2014 11:20am Jan 28, 2014 11:20am
this methodology reminds me of Murrey Math.
  • #1,070
  • Jan 28, 2014 11:53am Jan 28, 2014 11:53am
Quoting hollowhead
{quote} No problem. What you see is not a valid trade I'm afraid. Price needs to have come from at least the 38.2% area in the upper phase (that's about 1.6666). Price should travel down, cross the 100% (1.6629) and then go 7 pips below the 61.8%. If you look back at 24 January - you will see that is what it did. EDIT: Here's a chart {image}

Thank you that helps correct my understanding.
  • #1,071
  • Jan 29, 2014 5:37am Jan 29, 2014 5:37am
Just had a weak third signal for a short T4F on GU. There is also a T5_103 short still in play. Go careful as Carney speaks soon (although he is likely to focus mainly on Scottish independence and the economic impact on the UK economy) and FOMC later today.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-h4-tf4 290114.png Size: 37 KB
  • #1,072
  • Jan 29, 2014 7:01am Jan 29, 2014 7:01am
Quoting hollowhead
Just had a weak third signal for a short T4F on GU. There is also a T5_103 short still in play. Go careful as Carney speaks soon (although he is likely to focus mainly on Scottish independence and the economic impact on the UK economy) and FOMC later today. {image}
ooohhh - that support level is being stubborn - if it goes I hope it could drop quickly - but if it holds to FOMC a news spike could sent it either way. I've got a long T4F trade still live on AU - so they can fail and suffer DD.

Make sure your MM can cope with both situations.
  • #1,073
  • Jan 29, 2014 7:22am Jan 29, 2014 7:22am
Quoting hollowhead
{quote} ooohhh - that support level is being stubborn - if it goes I hope it could drop quickly - but if it holds to FOMC a news spike could sent it either way. I've got a long T4F trade still live on AU - so they can fail and suffer DD. Make sure your MM can cope with both situations.
1,35984 sell signal for eur\usd? and if yes tp?
thanks
  • #1,074
  • Jan 29, 2014 7:23am Jan 29, 2014 7:23am
Quoting armyda
{quote} 1,35984 sell signal for eurusd? and if yes tp? thanks
tamplate 105 off course
  • #1,075
  • Jan 29, 2014 7:25am Jan 29, 2014 7:25am
Quoting armyda
{quote} tamplate 105 off course
ops 103 sorry
  • #1,076
  • Jan 29, 2014 7:41am Jan 29, 2014 7:41am
Quoting armyda
{quote} 1,35984 sell signal for eurusd? and if yes tp? thanks
oops sorry - deleted the post as the signal has not triggered.

It will be a valid trade if it breaks 1.35987. TP is 40 pips
  • #1,077
  • Jan 29, 2014 7:48am Jan 29, 2014 7:48am
Quoting hollowhead
{quote} oops sorry - deleted the post as the signal has not triggered. It will be a valid trade if it breaks 1.35987. TP is 40 pips
thanks ok
  • #1,078
  • Jan 29, 2014 8:26am Jan 29, 2014 8:26am
Quoting hollowhead
{quote} oops sorry - deleted the post as the signal has not triggered. It will be a valid trade if it breaks 1.35987. TP is 40 pips
eur\usd reverse or retracement?
  • #1,079
  • Jan 29, 2014 8:33am Jan 29, 2014 8:33am
Quoting armyda
{quote} eurusd reverse or retracement?
If we knew the answer to that then we would all be very rich!!
  • #1,080
  • Jan 29, 2014 9:53am Jan 29, 2014 9:53am

Quoting hollowhead
{quote} If we knew the answer to that then we would all be very rich!!
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